POST-MARKET SUMMARY 13th May 2024

On May 13, both the benchmarks Sensex and Nifty 50 rebounded completely from their early lows, finishing the day in positive territory after experiencing nearly a 1% decline in morning trade. Among the top sectoral gainers, Nifty Pharma surged by 1.8%, followed by Nifty Metal and Realty, which saw gains of 1.3% each. Nifty Bank increased by 0.7%, while Nifty IT edged up by 0.4%. Conversely, Nifty Auto saw a decline of 1.68%, trailed by Nifty PSU Bank and Oil & Gas, which fell by 1.2% and 0.8% respectively.

Investors are anticipating the release of US inflation data and several Federal Reserve speeches scheduled for this week. The upcoming release of one-year inflation expectations, PPI data on Tuesday, and CPI on Wednesday will serve as significant tests for the recent bond rally. Fed speeches are planned throughout the week.

NIFTY:  The index opened 28 points lower at 22,027 and made a high of 22,131 before closing at 22,104. Nifty has formed a small bullish candlestick pattern with a long lower shadow on the daily chart, which resembles a Hammer kind of pattern. Its immediate resistance level is now placed at 22,190 while immediate support is at 22,000.

BANK NIFTY: The index opened 32 points lower at 47,389 and closed at 47,754. Bank Nifty has formed a bullish candlestick pattern with a long lower shadow on the daily chart. Its immediate resistance level is now placed at 47,900 while support is at 47,500.

Indices closing for 13th May 2024
Major Market Indices data
FII/DII Data
Nifty Gainers & Losers

Stocks in Spotlight

▪  Dr Lal Path Labs: Stock surged 6% as the company's upbeat management commentary and a solid earnings performance in the March quarter fanned hopes of a strong turnaround.

▪  ABB India Ltd: Stock surged 11% in today's trade, a record high, after the company's March quarter earnings beat Street expectations.

▪  Bank of India: Stock plunged over 10% after the lender's margins contracted by 23 basis points (bps) year-on-year (YoY) in the March quarter.

Global News

▪  U.S. Treasury yields fell slightly on Monday as investors looked to key inflation data and comments from the Federal Reserve officials slated for the week.

▪  European markets closed mixed on Monday as investors awaited the release of fresh U.S. inflation data.

▪  Asia-Pacific markets were largely lower on Monday as investors assessed China’s stronger-than-expected April inflation data.


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